1. Problem: Find the number of years for which a loan of 50000 is taken at 8% simple interest if the interest paid is 8000. 2. Formula: Simple Interest (SI) = $\frac{P \times R \times T}{100}$ where $P$ is principal, $R$ is rate of interest per annum, and $T$ is time in years. 3. Given: $P=50000$, $R=8$, $SI=8000$. 4. Substitute values into the formula: $$8000 = \frac{50000 \times 8 \times T}{100}$$ 5. Simplify: $$8000 = 4000 \times T$$ 6. Solve for $T$: $$T = \frac{8000}{4000} = 2$$ 7. Therefore, the loan is taken for 2 years.